A survey is being conducted to explore the possibilities of “advancing artist and fan experiences,” according to the company.
Spotify is trialling the option of including nonfungible token (NFT) galleries on musicians’ profiles. If the test goes well, incorporating NFTs will enhance artist and fan experiences.
According to several reports, Spotify is presently running a test on Android app users in the United States. The NFT previews may be viewed on the artists’ profiles by these users.
The first two artists to embrace NFTs are DJ and producer Steve Aoki, as well as indie rock band The Wombats.
It’s not possible to make direct purchases, but the user can be redirected to the OpenSea page where they may buy it after learning about NFTs and seeing an enlarged preview. Spotify does not support video or GIF formats, according to reports.
The tests are “in an effort to enhance the artist and fan experiences,” according to a company representative. While some of them will “help pave the way for a more complete experience,” others “will only serve as an instructive lesson.”
Users of Spotify have reported receiving the NFT-related questionnaire from the service on Twitter.
Musicians are exploring ways to make money from the NFT market. This could be a very important source of revenue, especially now that international touring has been disrupted by COVID-19.
Linkin Park’s Mike Shinoda became the first large-label artist to release a single as an NFT in 2021, and the first band to release a full-length album in the form of nonfungible tokens was The Kings of Leon.
Aoki made close to $3 million by minting two pieces from the 11-piece collection according to an estimate from Rolling Stone.